My bank have told us we have to make a decision on our buy to let mortgage by the end of the month ,to either sell it ourselves or hand it over to them.
If I go the voluntary surrender route does this mean the house is totally in their hands and we don't have to pay property tax,nppr and house insurance?
Or do they just lump these costs in with the outstanding amount?
The bank are saying they wont sell it lower than the market value but I know there is zero chance of it making this. How long do the banks sit on property's like this? It could sit there for years crumbling to the ground with the debt going crazy.
If I go the voluntary surrender route does this mean the house is totally in their hands and we don't have to pay property tax,nppr and house insurance?
Or do they just lump these costs in with the outstanding amount?
The bank are saying they wont sell it lower than the market value but I know there is zero chance of it making this. How long do the banks sit on property's like this? It could sit there for years crumbling to the ground with the debt going crazy.